Details of the new agreement have not yet been released.
In a hotline message sent out to pilots, the Allied Pilots Association said its board of directors voted to present American with a counter-proposal on Friday afternoon. The Fort Worth-based carrier responded by agreeing to the proposal.
"APA designed our comprehensive counter-proposal to provide our pilots with an industry-standard contract while enabling American Airlines to complete a successful restructuring and compete on a level playing field with its network-carrier peers," the message said.
The board voted 13 in favor, two against and one absent to send the counter offer.
"The proposal we prepared was comprehensive and will level the playing field for American Airlines to compete successfully against United and Delta Airlines and also recognizes the value that the profession brings to the corporation," said APA president Keith Wilson at a press conference on Friday.
The union board also received a briefing from Unsecured Creditors Committee lead counsel, Jack Butler, and from the union's financial adviser, Lazard.
With American's agreement to a new deal, the APA board will vote next Friday whether or not to send the agreement-in-principle to its members for a ratification vote, Wilson said.
A ratification vote will likely take several weeks, but Wilson expects the process could be completed within the first two weeks of December.
UPDATE: Here is American Airlines spokesman Bruce Hicks' response.
"We are pleased to have reached an agreement-in-principle with the Allied Pilots Association. We worked hard with the APA’s negotiating committee to structure an agreement that addresses the priorities identified as most important to our pilots, while staying within the economic framework supported by the Unsecured Creditors’ Committee to ensure American’s successful restructuring. As the APA communicated, the APA Board of Directors will proceed in compliance with policy-manual requirements and vote to send the agreement-in-principle to the membership as a tentative agreement for a ratification vote."